SemiLEDs Corporation (NASDAQ:LEDS), "SemiLEDs" or the "Company," a developer and manufacturer of LED chips and LED components, today announced its financial results for the second quarter of fiscal year 2025, ended February 28, 2025.

Revenue for the second quarter of fiscal 2025 increased to $10.9 million, compared to $1.3 million in the first quarter of fiscal 2025. GAAP net income attributable to SemiLEDs stockholders for the second quarter of fiscal 2025 increased to $388 thousand, or $0.05 per diluted share, compared to a net loss of $547 thousand, or $(0.08) per diluted share, in the first quarter of fiscal 2025.

GAAP gross margin for the second quarter of fiscal 2025 decreased to 9%, compared to 21% for the first quarter of fiscal 2025. Operating margin for the second quarter of fiscal 2025 was 1%, compared with negative 52% for the first quarter of fiscal 2025. The Company's cash and cash equivalents were $2.4 million at February 28, 2025, compared to $1.2 million at the end of the first quarter of fiscal 2025.

About SemiLEDs

SemiLEDs develops and manufactures LED chips and LED components for general lighting applications, including street lights and commercial, industrial, system and residential lighting, along with specialty industrial applications such as ultraviolet (UV) curing, medical/cosmetic, counterfeit detection, horticulture, architectural lighting and entertainment lighting. SemiLEDs sells blue, white, green and UV LED chips.

Forward Looking Statements

This press release contains statements that may constitute "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, revenue expectations for the third quarter ending May 31, 2025 the expedited timing of the recognition of revenue relating to the buy-sell purchase orders and estimated costs of revenue related thereto, any statements about historical results that may suggest trends for SemiLEDs' business; any statements of the plans, strategies and objectives of management for future operations; any statements of expectation or belief regarding recovery of the LED industry, market opportunities and other future events or technology developments; any statements regarding SemiLEDs' position to capitalize on any market opportunities; and any statements of assumptions underlying any of the foregoing. These forward-looking statements are based on current expectations, estimates, forecasts and projections of future SemiLEDs' or industry performance based on management's judgment, beliefs, current trends and market conditions and involve risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. SemiLEDs' Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") and other SemiLEDs filings with the SEC (which you may obtain for free at the SEC's website at http://www.sec.gov) discuss some of the important risks and other factors that may affect SemiLEDs' business, results of operations and financial condition. SemiLEDs undertakes no intent or obligation to publicly update or revise any of these forward looking statements, whether as a result of new information, future events or otherwise, except as required by law.

SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands of U.S. dollars)

	February 28,			November 30,
	2025			2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	2,384		$	1,248
Restricted cash and cash equivalents		76			77
Accounts receivable (including related parties), net		280			261
Inventories		13,531			3,722
Prepaid expenses and other current assets		1,973			185
Total current assets		18,244			5,493
Property, plant and equipment, net		2,598			2,609
Operating lease right of use assets		1,119			1,041
Intangible assets, net		89			85
Investments in unconsolidated entities		930			949
Other assets		206			223
TOTAL ASSETS	$	23,186		$	10,400
LIABILITIES AND EQUITY
CURRENT LIABILITIES:
Current installments of long-term debt	$	1,242		$	2,847
Accounts payable		445			340
Accrued expenses and other current liabilities		15,063			2,799
Other payable to related parties		1,096			1,049
Operating lease liabilities, current		128			76
Total current liabilities		17,974			7,111
Long-term debt, excluding current installments		626			744
Operating lease liabilities, less current portion		991			965
Total liabilities		19,591			8,820
EQUITY:
SemiLEDs stockholders' equity
Common stock		—			—
Additional paid-in capital		188,913			187,277
Accumulated other comprehensive income		3,522			3,531
Accumulated deficit		(188,840	)		(189,228	)
Total SemiLEDs stockholders' equity		3,595			1,580
Total equity		3,595			1,580
TOTAL LIABILITIES AND EQUITY	$	23,186		$	10,400

SEMILEDS CORPORATION AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands of U.S. dollars and shares, except per share data)

	Three Months Ended
	February 28,			November 30,
	2025			2024
Revenues, net	$	10,872		$	1,261
Cost of revenues		9,869			1,001
Gross profit		1,003			260
Operating expenses:
Research and development		279			221
Selling, general and administrative		614			696
Total operating expenses		893			917
Income (loss) from operations		110			(657	)
Other income (expenses):
Investment loss		(10	)		(3	)
Interest expenses, net		(42	)		(67	)
Other income, net		265			282
Foreign currency transaction gain (loss), net		65			(102	)
Total other income, net		278			110
Income (loss) before income taxes		388			(547	)
Income tax expense		—			—
Net income (loss)		388			(547	)
Net income (loss) attributable to SemiLEDs stockholders	$	388		$	(547	)
Net income (loss) per share attributable to SemiLEDs stockholders:
Basic and diluted	$	0.05		$	(0.08	)
Shares used in computing net income (loss) per share attributable to SemiLEDs stockholders:
Basic and diluted		7,222			7,212

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Christopher Lee

Chief Financial Officer

SemiLEDs Corporation

+886-37-586788

investor@semileds.com

SemiLEDs Reports Second Quarter Fiscal Year 2025 Financial Results